847 9420 www.earthshell.com Media Inquiries: Greg Kalish Euro RSCG Middleberg (212) 699 2635 earthshell@middleberg.com Sample Clauses


847-9420 www.earthshell.com Media Inquiries: Greg Kalish Euro RSCG Middleberg (212) 699-2635 earthshell@middleberg.com. EARTHSHELLÒ CORPORATION ANNOUNCES Q1 2003 RESULTSSANTA BARBARA, CA, May 19, 2003 – EarthShell Corporation (Nasdaq: ERTH), innovators of food service packaging designed with the environment in mind, announced today first quarter 2003 financial and operating results for the period ended March 31, 2003.The first quarter net loss for fiscal year 2003 was $6.8 million, or $0.05 per share, compared to a net loss of $10.2 million, or $0.08 per share, for the first quarter of fiscal year 2002, an improvement of 34% over the prior year period. The results for the 2003 first quarter included approximately $2.3 million of charges related to a financing transaction in March of 2003 in which the Company extinguished $7.2 million of its prior convertible debentures and raised approximately $11 million of unrestricted net proceeds through the sale of convertible debentures and common stock. As of March 31, 2003 EarthShell had $7.1 million of unrestricted cash and short-term investments. The quarter was notable because sales of EarthShell Products are increasing and approximately $135,000 of EarthShell Packaging plates, bowls and foodwraps were sold. The Company expects the sales of EarthShell packaging by its licensees to expand significantly during the remainder of the year as its licensees bring manufacturing capacity on stream.